It not only depends on personal preference, it depends on the shutter and camera. Different shutters have f-stops and shutter speeds in different places. The cable release (and other connections & levers) will be in different places. Where to set them is usually up to you -- but not always. For example, on my #3 shutter, I can only place it on the board in one position, so that it will fit on my camera AND allow the cable release to be connected AND set the f-stops. In any other position, I can't set both. So there can be a little bit of trial and error. There's no law against putting a lens on one way, and deciding on changing it's position later on.
As to the retaining ring, they normally can only be used one way because one side has 2 or 4 grooves for tightening the ring. If put on backwards you can't tighten it.